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Entering Form 1099-B regulated futures contracts in ProConnect Tax

by Intuit Updated 6 months ago

On this page, you can find instructions for entering profit or loss on regulated futures contracts from:

  • Form 1099-B
  • Proceeds From Broker
  • Barter Exchange Transactions.

Follow these steps to enter Form 1099-B regulated futures contracts:

  1. Go to the Input Return tab.
  2. From the left of the screen, select Income and choose Dispositions (Sch D, etc.).
  3. Choose Sch D/4797/etc. from the dropdown menu.
  4. Click Details in the Quick Entry grid to expand.
  5. Under the Dispositions (Schedule D, 4797, etc.) section, enter the following fields:
    • Quantity
    • Description of property
    • Date acquired (negative date=various)
    • Date sold (negative date=various)
    • Cost or other basis (do not reduce by depreciation)
  6. At the top of the screen, click the three dots and choose 4684, 6781, 8824, 4255.
  7. Locate the Contracts and Straddles (6781) section.
  8. Enter a 1 in 1=1256 contracts, 2=straddles, 3=memo only (triggers 6781).
  9. Enter the gain reported in Section 1256 contracts gain (loss) as it appears on Form 1099-B.
ProConnect Tax

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